Does anybody know when the H and R Block tax offices will be open for people to do the RAL? I done it last year and it was great, I borrowed 550 and only had to pay back 600. I was hopeing theyd do it again this year. My question here is when are they going to open to do the RAL.
2007-10-12 14:12:49 · 6 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
I DO NOT WANT TO KNOW IF IT IS A DUMB IDEA OR NOT. I DONE IT LAST YEAR AND HAD NO PROBLEMS WITH IT. I ONLY WANT MY QUESTION ANWSERED. THANKS
2007-10-12 14:18:13 · update #1
They were called "IMALs" last year. You could get a loan in November or December based on the amount of your refund, but it was not secured by your refund.
If you borrowed $550 in November and didn't have to pay it until late February, the $50 interest was considered by many to be a good deal.
That product will not be offered this year by H&R Block (or its major competitors). The banks were losing money on these products.
You can file the first business day of January (if you have a W-2 or other income documents) and get a loan secured by your refund.
2007-10-12 16:04:20 · answer #1 · answered by ninasgramma 7 · 2⤊ 0⤋
Nina has it right. H&R Block, as well as Jackson hewitt and Liberty Tax from my understanding, will not be giving loans based on paystubs this year. I work for Block, and the reason we were given is that the bank we all use (HSBC) was losing too much money on the loans.
H&R Block does not ever issue loans based on tax refunds. Even when you have your W2, the loan is still issued through HSBC, even though Block does have a bank. We do the tax return, and apply for the loan, but you are actually borrowing against your refund from HSBC.
If you're looking for a little extra money, why not take the H&R Block Basic tax class and earn a little extra in December, January and February? It's great for the holiday season, and could turn into something you really enjoy, as it did for me!
2007-10-13 05:35:10 · answer #2 · answered by Katie Short, Atheati Princess 6 · 0⤊ 1⤋
I agree. E-file and have the funds direct deposited. And, if you make less than (I believe) 30,000 you can e-file online for free. I almost always have the money in my bank account within a week and a half. You are basically giving them money for nothing, and IMHO it amounts to about the same thing as those check cashing places that charge outrageous fees!! Keep your $50!!! Not to mention the fees they charge to prepare your taxes!!!
2007-10-12 14:22:30 · answer #3 · answered by michetodd42567 2 · 0⤊ 3⤋
Dumb idea. If you efile and have direct deposit you can have your money in a couple weeks. $50 to get $550 two weeks early is so expensive that it is beyond belief.
2007-10-12 14:16:53 · answer #4 · answered by Anonymous · 0⤊ 3⤋
If you are talking about the ones you get before Christmas from a pay stub, they aren't doing those this year.
2007-10-12 15:24:11 · answer #5 · answered by Judy 7 · 0⤊ 2⤋
Look these people are just trying to help you. If you don't want our opinions then why don't you call H&R Block instead of posting here?
2007-10-12 17:06:56 · answer #6 · answered by Charlie & Angie G 4 · 1⤊ 4⤋
if you efile you will have your return in 2 weeks, screw H&R Block
2007-10-13 03:33:23 · answer #7 · answered by Bill M 2 · 0⤊ 3⤋